Iran confirms reduction in its international oil sales

Iran confirmed that its oil exports to India, China and Japan have been sharply reduced.

Hamid Hoseini, head of Petroleum Products Exports Syndicate told ISNA that India and China are not concerned with sanctions but are in fact trying to “take advantage” of the current situation.

While Japan and China have reduced their oil imports from Iran, India’s Reliance Industries has completely ceased purchasing oil from Iran.

Hamid Hoseini announced that China has reduced its oil imports from Iran by half.

He added that sanctions against Iran can be “effective” and Iran can no longer be too choosy in its sale of oil.

He has advised Ministry of Oil officials to allow the private sector to join in oil projects and find smaller markets in order to overcome the effects of sanctions.

China, Japan, India and European countries are the top consumers of Iran’s oil.

Conflicts over Iran’s nuclear program and the possibility of increasing international sanctions against Iran have already caused major reduction in Iran’s sale of crude oil.

In March, Russian oil company Lucoil stopped all its activities in Iran. Earlier Royal Dutch Shell, Vitol, Glencore and Trafigura reported having stopped sale of petroleum products to Iran.